Business 530 - Marketing Management » Winter 2023 » Chapter 01 Why is Marketing Management Important

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Question #1
An exchange relationship exists between a firm and its customers in marketing.
A.   False
B.   True
Question #2
Which of the following is an example of an industry marketing itself?
A.   An ad encouraging the consumption of eggs.
B.   An ad encouraging the consumption of a Snickers bar.
C.   An ad encouraging the purchase of a Firefox mountain bike.
D.   An ad introducing Pizza Hut's new menu.
Question #3
Typically, marketers at _____ create ads that are related to "Drinking responsibly."
A.   departmental stores
B.   government agencies
C.   breweries
D.   bars
Question #4
In the context of the marketing framework, corporation is one of the elements in the 5Cs.
A.   False
B.   True
Question #5
The STP helps systematically frame the general analysis of the entire business situation.
A.   False
B.   True
Question #6
In the context of the marketing management framework, the 4Ps precede STP.
A.   True
B.   False
Question #7
With respect to the 5Cs in the marketing framework, "context" includes the backdrop of micro-environment factors.
A.   False
B.   True
Question #8
With respect to the 5Cs in the marketing framework, which of the following is an example of "context"?
A.   A firm's complementary good
B.   A firm's natural resources
C.   A firm's stock product
D.   A firm's stockholder
Question #9
The central players in a marketing exchange are:
A.   price and promotion.
B.   context and market concentration.
C.   collaborators and competitors.
D.   customer and company.
Question #10
STP stands for segmentation, targeting, and _____.
A.   production
B.   pricing
C.   promotion
D.   positioning
Question #11
With respect to STP in the marketing framework, the targeting process helps:
A.   provide additional information about a product to the public.
B.   select a group of customers from a set of identified groups.
C.   educate customers about a product's benefits and values.
D.   create an image of the product in the mind of a selected customer.
Question #12
With respect to STP in the marketing framework, which of the following statements distinguishes segmentation from targeting?
A.   Segmentation identifies the customers and collaborators of a company, while targeting deals with the competitive factors in an industry.
B.   Segmentation identifies groups with similar wants or needs, while targeting deals with the marketing efforts required for an identified group.
C.   Segmentation deals with tangible goods, while targeting deals with intangible services.
D.   Segmentation identifies the marketing effort required for a macro-environment group, while targeting identifies the marketing effort required for a micro-environment group.
Question #13
With respect to STP in the marketing framework, the positioning process helps a marketer to:
A.   analyze the market potential for a product's horizontal diversification.
B.   evaluate groups of industrial customers who share similar wants and needs.
C.   communicate a product's benefits clearly to the intended target customers.
D.   choose a niche group segment from a selected set of industrial customers.
Question #14
The 5Cs, STP, and 4Ps operate interdependently.
A.   True
B.   False
Question #15
Great marketing is an art based on an individual's soft skills and instincts.
A.   True
B.   False

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